Welcome to Extreme Investor Network, where we provide invaluable insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we are focusing on the recent sharp dive in the price of Gold (XAU/USD), which is currently trading at $2,711 after a 1% drop.
The strong bearish move has sliced through key levels, with immediate support now at $2,701. If the downward momentum persists, the next support levels are seen at $2,692 and $2,684. On the flip side, immediate resistance lies around $2,725, with further barriers at $2,743 and $2,752.
It’s important to note that the 50-day EMA sits at $2,740, while the 200-day EMA is at $2,742, both above the current price, reinforcing the bearish sentiment in the market.
The substantial sell-off, combined with a bearish engulfing candle, suggests a potential for further declines in the price of Gold. As long as Gold remains under $2,725, sellers seem to be in control, with limited signs of a reversal in the near term.
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